Lehman Brothers Broker Surrenders
February 13, 2002
A former Lehman Brothers stockbroker accused of stealing millions of dollars from unsuspecting clients turned himself in to authorities with the Federal Bureau of Investigation (FBI) this weekend, ending a one-month manhunt. Frank Gruttadauria, 44, disappeared on January 11 after sending a self-written letter to the FBI describing how he cheated his clients out of millions of dollars. Gruttadauria admitted to stealing from client funds and falsifying account statements. Investigators say up to $300 million may be missing from his clients' accounts. The broker faces security violation charges ranging from negligence to breach of fiduciary duty. Gruttadauria will appear before a U.S. magistrate this week.
-- Article Courtesy of InjuryBoard.com
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